FX.co ★ Gold analysis for March 13, 2015

Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,151.22 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracement 61.8% at the price of $1,164.00 (successfully tested). My advice is to watch for potential selling opportunities after a retracement. According to the H4 time frame, we can observe supply in a high voume. If the price breaks the level of $1,150.00 (the long-term support), we may see a potential testing of the level of $1,143.00 and $1,139.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,161.98

R2: 1,166.28

R3: 1,173.23

Support levels :

S1: 1,148.08

S2: 1,143.78

S3: 1,136.83

Trading recommendations: Watch for potential selling opportunities after a retracement.